Crypto Scoop: Cardano, Ripple, and Tether Celebrate Milestones Amidst Growing Institutional Interest

This week, altcoins took the spotlight as several countries pursued crypto adoption and regulation initiatives. In this edition of the Crypto Scoop, we review the following: 

• Price moves of top cryptocurrencies
• Cardano and Ripple’s Global innovation
• Google’s integration of Ethereum Name Service (ENS)
• Tether’s 10th anniversary
• Global crypto initiatives and regulation and more.

Price Moves of Top Cryptocurrencies

Bitcoin's performance in 2024 has remained strong despite a recent dip below $60,000 for the first time since September 18. Despite the volatility, Bitcoin has remained the best-performing asset this year, according to the New York Digital Investment Group (NYDIG). Analyst Greg Cipolaro noted that while Bitcoin's year-to-date gain of 49.2% is impressive, its lead has narrowed following a "seasonally weak" third quarter.

Looking ahead, there are growing expectations for the launch of options on Bitcoin exchange-traded funds (ETFs) in the U.S. by early 2025. Bloomberg Intelligence analyst James Seyffart, speaking at the Permissionless conference on October 9, suggested that options could arrive as soon as the end of 2024. Still, he noted that the first quarter of 2025 was a more realistic target. This move could accelerate the adoption of Bitcoin ETFs, especially among financial advisers. 

Meanwhile, Fidelity Investments, one of the world's largest asset managers and ETF issuers, revealed a significant data breach that compromised the personal information of over 77,000 customers. The breach occurred between August 17 and 19, when an attacker accessed personal details using two recently established customer accounts. The breach was quickly identified and terminated by August 19, with Fidelity working alongside external security experts to contain the issue. While the incident impacted a fraction of its 51.5 million customer base, Fidelity assured that no customer accounts were accessed during the breach.

Cardano and Ripple Lead Crypto Innovation Across the Globe

Cardano marked a significant milestone in Argentina by launching its first legally enforceable contract on its blockchain network. This contract, a loan agreement between Cardano ambassadors Mauro Andreoli and Lucas Macchia for 10,000 ADA tokens worth approximately $3,380, was established under Argentine jurisdiction and comes less than a year after the country legalised crypto for payments in commercial contracts. Andreoli celebrated the achievement, explaining that it paves the way for Argentine courts to enforce contracts settled in ADA and set a precedent for potential recognition of smart contracts in legal proceedings. Although the contract was not a smart contract, Andreoli emphasised that it could help establish a legal foundation for the use of blockchain technology in facilitating commercial agreements. This innovation could expand into sectors such as property rentals and purchase agreements, though Andreoli noted the need for judges to be further educated in blockchain technology.

Meanwhile, Ripple has also made headlines by launching digital asset custody services for banks and fintech firms, expanding its offerings beyond payment settlements. The new Ripple Custody division consolidates the company’s custody products and provides banks and fintech firms with tools to securely store and manage digital assets. These features include integration with the XRP Ledger, Anti-Money Laundering risk monitoring, and an upgraded user interface, further diversifying Ripple’s business. This move arrives as Ripple continues its legal battle with the U.S. Securities and Exchange Commission (SEC), with both parties filing appeals related to the court's earlier decision. Ripple's cross-appeal, filed in October, seeks to address potential errors in the ruling, and the U.S. Court of Appeals will review the matter for the Second Circuit.

On the international front, Tron founder Justin Sun has been elected Prime Minister of the micronation Liberland, a self-proclaimed sovereign state situated between Croatia and Serbia. Sun’s election follows the nation’s October 5 elections, alongside others elected to Congress, including entrepreneur Evan Luthra and former Croatian politician Ivan Pernar. Sun’s involvement in Liberland could attract further attention to the micronation, which has been promoting blockchain and digital innovation since its inception.

Google Integrates Ethereum Name Service (ENS)

Google has officially integrated the Ethereum Name Service (ENS) into its search engine, marking a significant step in the tech giant’s blockchain support strategy. This new feature allows users to search for any .eth domain and view the corresponding Ethereum (ETH) balance directly in search results, increasing accessibility to cryptocurrency information for the general public. The move follows other blockchain initiatives by Google, including ETH wallet tracking and blockchain event celebrations, as part of its broader push into the crypto space.

In other Ethereum news, a new proposal, EIP-7781, aims to boost the network’s performance by increasing its throughput by 50%. Introduced on October 5 by Illyriad Games co-founder Ben Adams, the proposal seeks to reduce block times from 12 seconds to 8 seconds and expand data capacity, which would enhance decentralised exchanges like Uniswap v3. Ethereum Foundation researcher Justin Drake endorsed the proposal, noting its alignment with Ethereum’s long-term scaling objectives and highlighting the potential for increased efficiency and cost savings, particularly in CEX-DEX arbitrage. If approved, the proposal could have far-reaching impacts on how efficiently the Ethereum network handles transactions and executes smart contracts.

However, the Ethereum community has recently been stirred by comments from Bloomberg ETF analyst Eric Balchunas, who shared an excerpt from a Bitcoin book that sparked controversy. The book suggested that Amazon Web Services (AWS), which hosts 28.4% of Ethereum nodes, could be used by the U.S. government to shut down Ethereum. The book also claimed that a rogue state or terrorist organisation could kidnap Ethereum co-founder Vitalik Buterin and force him to hand over “all the Ether they want.” 

This statement was widely criticised as misinformation, with Ethereum educator Anthony Sassano calling it “blatant propaganda.

Recent Developments in Global Cryptocurrency Regulation and Adoption

Global cryptocurrency adoption continues to gain momentum, with a report from MatrixPort predicting that crypto usage will surpass 8% of the world’s population by 2025. Currently, 7.51% of people globally use digital currencies, driven by institutional interest and economic uncertainties. Institutional involvement, particularly from hedge funds, has been increasing steadily. 

Additionally, A recent survey from the Alternative Investment Management Association and PwC revealed that 47% of traditional hedge funds now have exposure to cryptocurrencies, up from 29% in 2023. This growth is supported by increasing regulatory clarity, especially surrounding Bitcoin and Ether exchange-traded funds (ETFs) in the U.S. and Asia.

Meanwhile, in partnership with ARP Digital, The National Bank of Bahrain recently launched its first Bitcoin investment fund for institutional investors, offering exposure to Bitcoin gains with full downside protection. This investment fund is designed to attract institutional investors in the Gulf Cooperation Council and to further solidify the region’s role in the crypto landscape. 

Meanwhile, Hong Kong’s Securities and Futures Commission (SFC) plans to license more crypto exchanges by the end of the year. Eleven firms are currently awaiting approval as part of the regulatory push to make the industry more compliant. Taiwan is set to trial crypto custody services through local banks in early 2025. Three private banks have already expressed interest in piloting crypto custody services as part of the government’s broader strategy to promote institutional crypto adoption.

In a remarkable development, South Korea officially allows the division of cryptocurrency holdings in divorce settlements, treating crypto as marital property. In Thailand, the Securities and Exchange Commission has proposed that mutual and private funds be permitted to invest in crypto products, opening up new investment opportunities for high-net-worth individuals.

In Africa, Eswatini has released a design for a tokenised retail central bank digital currency (CBDC), the digital lilangeni, to improve domestic access and cross-border trade. Meanwhile, in the U.S., Senator Bill Hagerty introduced the Clarity for Payment Stablecoins Act of 2024, which includes a provision allowing smaller stablecoin issuers to be regulated at the state level, reflecting continued efforts to refine crypto regulation. Argentina has also made headlines, surpassing Brazil in crypto inflows, with an estimated $91 billion in crypto deposits between July 2023 and June 2024. The nation’s booming stablecoin market is one of the largest globally, a sign of its growing crypto economy.
In contrast, regulatory actions have intensified in Dubai, where the Virtual Assets Regulatory Authority (VARA) has cracked down on unlicensed crypto firms, issuing fines and cease-and-desist orders to seven businesses for breaching marketing regulations and operating without required licenses.

NFTs and DApps Record Milestones

NFT sales volumes have surged, reaching their highest levels since August. For the week ending October 6, non-fungible token (NFT) sales topped $84.9 million, marking the largest weekly sales volume since August 25, when sales exceeded $93 million. This resurgence follows a period of lagging activity in the NFT market, which has been affected by broader market downturns. The renewed interest highlights a possible shift in market sentiment as collectors and investors reengage with NFTs after a slow few weeks.

Meanwhile, blockchain activity has seen a significant boost, particularly in decentralised applications (DApps), driven by the growing influence of artificial intelligence (AI). According to DappRadar’s latest report, daily active wallets (UAWs) in the DApp industry soared by 70% in the third quarter of 2024, reaching a record 17.2 million. This growth is largely credited to AI-powered DApps, which saw a 71% increase, contributing to 4.3 million daily UAWs. Leading the charge are vital players such as Data Intelligence Network (DIN) and Alaya AI, underscoring the rising integration of AI in blockchain technology and the broader DeFi ecosystem.

HBO documentary "Money Electric: The Bitcoin Mystery" Concludes Without Solving Mystery

The HBO documentary "Money Electric: The Bitcoin Mystery" has concluded without definitively identifying the true identity of Bitcoin’s creator, Satoshi Nakamoto. Satoshi Nakamoto is the pseudonym used by the person or group responsible for developing Bitcoin, authoring its white paper, and creating the first blockchain. Nakamoto’s mysterious disappearance from public life in 2010 has fueled speculation ever since, and the documentary dives into this enigma.

While the documentary explores several potential candidates, it notably focuses on Peter Todd, a prominent figure in Bitcoin's early days. Through an analysis of his online interactions and coding contributions, some suggest Todd could be Nakamoto. However, Todd has consistently denied these claims. In the film’s finale, Todd seemingly admits, “Well yeah, I’m Satoshi Nakamoto.”Despite this provocative moment, Todd has openly dismissed the assertion before and after the documentary’s release. He explained that his comment was part of a broader stance supporting the actual creator’s right to privacy, and after the film aired, he reiterated on social media that he is not Bitcoin’s creator.

The documentary also revisits other prominent candidates, such as Nick Szabo, a key figure in digital currency and smart contracts, who has long been a favourite suspect. However, despite these speculations, the film concludes without solving the mystery of Nakamoto’s identity.